He said the previous government tried to force a "poison pill" on the Labor government, signing a controversial side-letter committing Victorians to pay $1.2 billion in compensation if the road project was dumped.

Prime Minister Tony Abbott promised to talk to Victoria about other infrastructure projects but said there is nothing else "shovel ready" in the state.

Mr Pallas released Treasury figures showing the cost of the project over 25 years would have been $10.7 billion.

This included a $2 billion capital outlay, $1 billion to be paid seven years after financial close, and $7.7 billion in yearly service payments.

An audit of the $339 million already spent will be done to make sure the government is paying for work that was actually done.

The Victorian Auditor-General announced he will audit the entire project as a matter of priority.

Victorian Employers' Chamber of Commerce and Industry chief executive Mark Stone said the decision to scrap the East West Link was unfortunate, but the government had a mandate to do it.

Mr Stone said Infrastructure Victoria must be established to provide a long-term capital works program outside the election cycle.

"The state government must use the coming state budget to make an unequivocal commitment to deliver its forward infrastructure agenda, including the Melbourne Metro Rail Project, the removal of level crossings and vital capacity-enhancing regional projects," he said.